The "fiscal cliff" sounds like a scary place. Headlines about "taxmaggeddon" are flashing on TV screens, next to clocks ticking down to Jan. 1.

The Dow Jones Industrial Average has skidded more than 7 percent over the last month, largely due to concerns about the standoff in Congress over how to stop a barrage of tax hikes and spending cuts.

But some major investors say the doomsayers are getting too much attention and cliff watchers should relax a bit.

These investors argue that the U.S. economy does not face immediate disaster if lawmakers can't reach a deal by the end of the year, and there will still be time for Washington to come up with a deal in early 2013 before major damage starts to be done.

The Dow Jones Industrial Average has skidded more than 7 percent over the last month, largely due to concerns about the standoff in Congress over how to stop a barrage of tax hikes and spending cuts.

But some major investors say the doomsayers are getting too much attention and cliff watchers should relax a bit.

These investors argue that the U.S. economy does not face immediate disaster if lawmakers can't reach a deal by the end of the year, and there will still be time for Washington to come up with a deal in early 2013 before major damage starts to be done.">